Affordable Housing Trust Fund
Affordable Housing Trust Fund
Posted on 06/21/2023

On July 5, 2006, Bonita Springs City Council approved the execution of loan mortgage in favor of Partnership in Housing, Inc., for Pueblo Bonito Phase III, for a rental project from the Affordable Housing Trust Fund, in the amount of $400,000.

The objective of the mortgage is to secure repayment if the property is no longer used as rental affordable housing. There is a 2% interest rate, but the terms of that note do not require payment of interest if the makers comply with the mortgage conditions.

While mortgage has been reaffirmed and subrogated previously pursuant to refinancing of superior mortgages over the years, the City’s mortgage term ended in December 2022. Rather than call the note, staff is recommending renewing the mortgage for an additional term to continue the City’s partnership with Pueblo Bonito in providing affordable housing.